Latvia residence and citizenship program

Latvia is a country in Northern Europe, situated on the Baltic Sea. The official language is Latvian, but Russian is also widely spoken by most of the population. Known for its rich heritage, incredible local cuisine, and stunning mix of art nouveau and medieval architecture, Latvia attracts visitors from all over the globe.

Riga is the cosmopolitan capital and largest city of Latvia. Moreover, it is the political, economic and cultural center of this small, but proud country. Today, more than a third of the country’s population lives and works in Riga. Latvia has been a member of the United Nations since 1991, and a member of the European Union and NATO since 2004. In 2007 Latvia joined the Schengen Area, which brought significant benefits to its citizens and residents.

The Latvia Residence-by-Investment Program is one of the most affordable and fastest options in Europe. The program was launched in July 2010 by the Latvian Government. Foreign nationals may apply for the residence permit in Latvia through the purchase of real estate; by making a financial investment in a Latvian credit institution (subordinated loan or subordinated bank bonds); investing in the equity capital of an enterprise; or purchasing interest-free government bonds.

Advantages

Inclusion of spouse and children under 18 years old

Fast processing

Visa-free travel to the countries in the Schengen Area, Switzerland, Norway and Iceland

Able to stay in any Schengen Member State up to three months within any half year

No physical residency requirements

The right for the applicant to work in Latvia

Successful applicants who are citizens of the European Union and European Economic Area residing in Latvia because of their work or self-employment will be entitled to health insurance;

The right to receive discounted or free education within the European Union

The right to obtain a Latvian driver’s licence, which is valid in all Member States of the European Union

The right to acquire and register a vehicle within the territory of Latvia.

Fast processing within approx. 90 days to obtain a Temporary Residence Permit

Successful applicants and dependents will be granted a Temporary Residence Permit valid for 5 years

Applicants who have kept their investment for 5 years can apply for renewal for an additional 5 years every 5 years subject to payment of a renewal fee of €5,000

Applicants who have continuously resided in Latvia for 5 years will be entitled to apply for a permanent resident permit

Applicants and their dependents can receive subsidized health care and education benefits after becoming permanent residents

Applicants and their dependents can apply for Latvian Citizenship after 10 years of legal residence in Latvia

Investment Options

Currently there are 3 forms of investment in Latvia to obtain TRP card (residence card) such as:

First: invest in 250,000 euros of real estate in Riga or two 250,000 euros properties in the outskirts of Riga.

Second: invest in a shareholder in Latvia with a minimum value of 60,000 euros.

Third: invest in a shareholder of a company in Latvia worth 120,000 euros.

Requirements

Aged 18 years or older

Applicant must have no criminal record;

Investing in real estate, having a stake in a company or a credit institution in Latvia;

The applicant invests in a joint stock company or real estate and does not intend to work in Latvia requiring personal property or minimum income of EUR 900 (~ 24 million) per month for the principal applicant and EUR 300 (~ 8 million) per month for each dependent.

Applicants must have sufficient income to support the applicant and dependents

€13,320 /year – Main Applicant

€4,440 /year – Spouse

€2,592 /year – Per child

Health Insurance for applicant and dependents

Make a qualifying investment in real estate, or in the share capital of a Latvian company and hold the investment for 5 years.